AES sells PV stake to SunEdison

Power group AES is selling its 50% stake in 336MW of PV farms in Europe, India and the US to SunEdison in a deal worth $165m.

The agreement, encompassing projects owned through AES' Silver Ridge Power joint venture (JV) with Riverstone Holdings, could be enlarged to include 130MW in Italy, for which SunEdison would stump up an extra $42m.

“This transaction is another example of how we are continuing to simplify our portfolio and unlock the value of our assets,” says AES chief executive Andrés Gluski.

“We plan to use the proceeds in-line with our strategy with the aim of maximising total shareholder returns.”

In addition, AES is banking some $50m from a tax equity investment by Google in Silver Ridge's 266MW Mount Signal project in California, which came into commercial operation in April.

US-based AES retains a 50% stake in 55MW of PV farms in Puerto Rico and Spain, also owned through the Silver Ridge JV.